Shedding Light on the “Dismal Science”

April 28, 2008

BMCC business management majors must take either of two courses in economics — macroeconomics or microeconomics  —  to fulfill the requirement for an associates degree.  But many take both — and that, according to Albert Duncan, an assistant professor of economics in the Department of Social Science, is an excellent idea.  In today’s world, he says, “anyone can benefit from a solid grounding in economics.”

Microeconomics, as the term suggests, “deals with individual entities within an economy,” Duncan explains, and covers such concepts as production theory, the analysis of cost and profit, and the laws of supply and demand. Macroeconomic, in contrast, has a broader sweep, and deals with the economy as a whole.  “We’ll look at things like Domestic National Product, unemployment and inflation as well as international trade and finance,” Duncan says.

An aid to understanding
Many business management major go on to careers in banking, finance and government, where these concepts come into play every day.  “Obviously, if you work in the mortgage field, you have to understand the reasons behind the current housing downswing or why the Federal Reserve Bank adjusts interest rates from time to time,” Duncan says. 

The English essayist Thomas Carlyle disparagingly characterized economics as “the dismal science,” but to Duncan, the study of economics is richly rewarding. “Whatever their vocation, individuals with a grasp of basic economic concepts are in a much better position to understand how their government works,” he says.  “For example, since fiscal policy is such a central component of government policy, it’s helpful to understand how fiscal decisions made by the government affect the economy and our daily lives.”

Born in Grenada and educated in Cuba and the United States, Duncan also teaches Economics 151 — “The Political economy of the Caribbean.”  It’s a course that has direct relevance for BMCC’s student body.

Caribbean links
“For one thing, a significant portion of our student population comes from the Caribbean region, or is of Caribbean parentage,” he says.  “What’s more, economic developments in the Caribbean nations —  particularly currency devaluations — may impact the exchange rate and thus their ability to pay their tuition costs.”  

The curriculum covers various factors affecting the economies of the English and French speaking countries in the region, as well as the effects of international diplomacy, multinational corporate policies, educational and social determinants, and economic policies.  U.S. influence in the Caribbean — from an 1854 proposal to purchase Cuba from Spain to present-day events — is a key focus.

Like the courses in micro- and macroeconomics, “The Political Economy of the Caribbean  is designed to broaden students’ view of the world and the economic forces that act on it.  “They come away with a clearer understanding of economic decision-making on the part of national governments,” says Duncan.  “They become more interested in the news — and they read it with a different perspective.”

 

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